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Corva sees explosive growth in customers

Friday, February 15, 2019

Corva, the emerging leader in real-time oil & gas data analytics, announces that it will add as many as 100 staff to its Houston headquarters in 2019 to keep pace with record-breaking demand for the company's drilling optimization platform, now deployed with 15 customers and 110 rigs across the United States and Canada.

Oil & gas producers have rapidly adopted the software startup's innovative technology - which combines big data, rich visualization, and monitoring by exception - to dramatically improve drilling performance and cost-efficiency. The announcement comes amidst oil price uncertainty, which the company anticipates will drive demand for its products even higher as producers turn to advanced technology to cut capital costs and sustain drilling programs.

Corva launched a first-of-its-kind drilling optimization platform in 2017 that now offers drilling engineers and rig crews nearly 50 software apps. Corva's platform harnesses real-time rig data and historical well information to drive a wide variety of data analytics that give drillers instant insight into rig conditions, increase rate of penetration, and anticipate hazards. The software startup experienced rapid adoption of its products in 2018.

Corva's growth metrics for the last 12 months include:

• 14 new customers
• 110 rigs using Corva
• 1,100 new users
• 35 new employees
• 15 new drilling apps

17M feet have been drilled using Corva's real-time drilling platform. In addition to supporting real-time operations centers (RTO) - back office facilities that monitor multiple rig operations - Corva's technology has been especially well embraced by rig crews. Onsite personnel, which includes company men and directional drilling contractors, leverage Corva's suite of apps to make minute-to-minute decisions on the rig and improve operational efficiency. Customer results have been significant, including cutting directional drilling time, or sliding, by 1.08 days for a single well, reducing pipe connection time by 2 minutes, and preventing 9 washouts over a 2-month period.

'At Corva, we define success by the number of days we save on rigs, the costs we can quantifiably cut, and the number of catastrophic events we prevent,' said Ryan Dawson, founder and CEO of Corva. 'Our technology has a profound impact across the rig where Corva is saving customers millions and cutting drilling projects by as many as 3 days,' Dawson said. He continued, 'Corva has filled a void that has existed in drilling operations for years to bring big data and real-time analysis together to drill faster, lower-cost, and safer wells.' 'Our current growth is just the beginning as the industry truly enters into the era of factory drilling,' Dawson concluded.

Corva began 2018 with its first client, one of the largest producers in the Permian Basin, who was instrumental in field testing the company's real-time analytics platform. The Houston-based software startup experienced rapid adoption across the industry, winning contracts with 14 publicly traded oil & gas producers. In December, the number of onshore drilling rigs where Corva's technology is deployed exceeded 100 rigs, a record-breaking milestone for the company. Corva expects to triple its rig count in 2019.

To support its customer and product line expansion, Corva is hiring additional staff for R&D, engineering, and software development. The company operates a 24/7 operations center for its customers where a significant increase in staff is planned. Corva expects to reach 150 employees in 2019, most of whom will work out of Corva's Houston-based headquarters.



Associated Companies
» Corva
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